The highly anticipated auto-burn feature will finally be introduced this month, as announced by the Shiba Inu development team. This development could potentially spark a price rally, as the quantity and frequency of SHIB burns are expected to increase.
The team has shared a significant update on the auto-burn feature through Shiba Inu Magazine, revealing that the testnet will be launched later this month. This feature has been widely praised by both the team and the community, as it solidifies the economic model of Shiba Inu.
Token burning is an important process that allows the network to reduce the overall supply of tokens, creating artificial demand for the remaining tokens and potentially triggering price rallies. According to data from Shibburn.com, a platform that tracks SHIB token burns, a staggering total of 410,708,016,043,554 tokens have been burned up to this point.
CNF has previously reported on noteworthy burns, including a record-breaking burn of 9.25 trillion SHIB earlier this month. Shibarium, Shiba Inu’s layer 2 solution, has also played a significant role in the total number of SHIB burns, accounting for billions of tokens burned thus far.
To ensure thorough testing, the team will initially deploy the atomized system on Puppynet before implementing it on the Shiba Inu mainnet. It is crucial for both the developers and the community that the upgrade is efficient, refined, and reliable before it is deployed on the mainnet. During the testnet phase, the community will have the opportunity to gain a better understanding of the new feature and observe its effects.
Following this positive news, the native token of Shiba Inu, SHIB, has experienced a 2% surge in the past 24 hours. This marks a significant recovery after a notable decline that has seen the altcoin lose 6% in the last 7 days. Currently, the memecoin is trading at $0.000008898 and boasts a market cap of $5.25 billion, ranking it as the 18th largest cryptocurrency.
With a dedicated development team, a strong community, a solid technical setup, and increasing adoption of the network, Shiba Inu has emerged as one of the most promising digital assets in 2024. Technical analyst Javon Marks has recently made a prediction of a major breakout for the altcoin, likening it to its 2021 run that resulted in a new all-time high.
Experts foresee SHIB shedding several zeros on its way to reaching an all-time high. However, in the short term, the altcoin’s outlook is influenced by the performance of large-cap coins led by Bitcoin.